Norway – Norwegian Ministry of Energy has given its approval for PGNiG Upstream Norway (PUN) to operate and collaborate with Horisont Energi in the Polaris project—Europe’s only CO2 storage facility located in the Barents Sea.
The Polaris project, governed by the CO2 exploration license EXL003, has emerged as a pioneering initiative in the CCS sector, aiming to play a pivotal role in reducing industrial emissions on a substantial scale. The recent appointment of PGNiG Upstream Norway as the operator and licensee alongside Horisont Energi marks a crucial milestone in the project’s development.
Collaborative approach
Polaris, under the joint ownership of Horisont Energi and PGNiG Upstream Norway, holds promise as a carbon storage solution not only for Horisont Energi’s Barents Blue project but also for other entities seeking sustainable CO2 storage options. This collaborative approach positions Polaris as a cornerstone for the carbon storage business case in Northern Norway, contributing to the establishment of a European carbon value chain.
The project’s development is underlined by Horisont Energi’s advanced discussions with E.ON regarding CO2 storage capacity for the Polaris carbon storage license. Additionally, the company has committed to sharing the costs of transporting CO2 from Central Europe to Norway—a move that aligns with its commitment to fostering a European carbon value chain.
The Polaris project, initiated in February 2020, has steadily progressed, securing the exploration license EXL003 in June 2022. As the Polaris project gains momentum, it stands as a beacon of sustainable practices, contributing to the realization of a carbon-neutral future and positioning Norway as a key player in the global fight against climate change.
